Technology & Innovation
6 benefits of integrating your construction firm’s financial and operations systems
While in the field, your project managers face any number of questions that must be answered quickly, with accurate financial data. By implementing an integrated project management and accounting system, you can be confident that your project managers will get exactly what they need when they need it.
When project managers working in the field are forced to contact accounting staff for project-related financial data before making decisions, costly delays can occur. By implementing an integrated project management and accounting system, you can be confident that your project managers will get exactly what they need when they need it.
Investing in technology that seamlessly connects operations data with financial data allows both project and accounting teams to stay in their software of choice while the integration shares real-time data between systems.
The more integrated your accounting and project management systems are, the more you reduce risk associated with disconnections between the field and office, helping to save your construction business time and money.
Benefits of using a comprehensive integration solution such as Procore include:
Data from one system is synced with another, eliminating the need for error-prone manual reentry
Improved Decision Making
Project teams gain access to accounting data to enable data-driven decisions
Up-to-date project and accounting data become accessible in real time, providing a single source of the truth for your entire company
Improved contract management
Subcontract and purchase order detail can be imported directly into your accounting system without the need for double entry. Errors are reduced, and you get an accurate read on committed costs.
Better cost management
Project Managers are able to retrieve cost information in real time, enabling them to make adjustments if projects are in danger of going over budget.
More accurate forecasting
Project managers are able to immediately see committed costs vs. estimated expenses, allowing them to create forecasts quickly, accurately, and efficiently.
After integrating their project management and accounting systems, Kardi Barton, the Senior IT Manager at the Cumby Group, said she has seen her invoicing process completely evolve. “Subcontractors used to send in their invoices on excel spreadsheets, pieces of paper, and even paper napkins–usually with incorrect calculations.”
Since then, the Cumby Group has built, “a smooth subcontractor invoicing workflow, which has immensely improved our overall trackability of invoices.” With the addition of synchronizing subcontractor invoices to Sage 300 Construction and Real Estate, Barton says, “Procore has enabled us to finally close that gap in the workflow, in turn, making us feel more confident in our invoicing process.”
Are you ready to learn more about the benefits of connecting your field personnel and accounting staff? Watch this brief video to see how Sage 300 Construction and Real Estate integrates with cloud-based Procore project management technology.
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